Newark USDA Loans

NEWARK, NJ-PA

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    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Newark's 39 lenders originated 84 USDA loans during 2021. The total origination value was $19,750,000, with an average USDA loan value of $235,119.

    Newark USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Newark averaged 4.58% for the week of 2022-03-25, compared to the national average (all USDA variants) of 4.554% for the same period.

    The average rate for the prior week (2022-03-18) was 4.2% and one month ago for the week of 2022-02-18, the average rate was 4.11%.

    The average rate one year ago was 3%.

    For refis of the same type during the week of 2022-03-25, the average rate was 4.56%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Newark USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Newark level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    HOME POINT FINANCIAL CORPORATION 8 2.59% $9,289
    Summit Mortgage Corporation 6 2.65% $6,595
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 2.94% $7,281
    FAMILY FIRST FUNDING LLC 5 3.03% $8,109
    MOVEMENT MORTGAGE, LLC 5 3.00% $5,933
    SWBC MORTGAGE CORPORATION 4 3.25% $3,126
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 2.94% $7,570
    MILLENIUM HOME MORTGAGE, LLC 4 2.44% $6,091
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 3.00% $5,963
    Bank of England 2 3.00% $8,518
    SUCCESS MORTGAGE PARTNERS, INC. 2 3.31% $7,459
    NJ LENDERS CORP. 2 2.50% $5,336
    NEWREZ LLC 2 2.38% $9,447
    NATIONWIDE MORTGAGE BANKERS, INC. 2 3.06% $8,389
    ABSOLUTE HOME MORTGAGE CORPORATION 2 3.38% $7,579
    LOANDEPOT.COM, LLC 1 3.25% $6,532
    MLD MORTGAGE INC. 1 2.25% $8,829
    MORTGAGE ACCESS CORP. 1 3.25% $6,023
    Northpointe Bank 1 2.88% $7,013
    Paramount Residential Mortgage Group, Inc. 1 3.00% $5,495
    PENNYMAC LOAN SERVICES, LLC 1 2.75% $5,291
    Plains Commerce Bank 1 2.75% $6,851
    Republic Bank 1 2.75% $8,035
    UNITED WHOLESALE MORTGAGE, LLC 1 2.75% $9,641
    Wells Fargo Bank 1 2.25% $13,779
    Acre Mortgage and Financial Inc 1 3.63% $7,007
    ALLIED MORTGAGE GROUP, INC. 1 3.38% $8,719
    CALIBER HOME LOANS, INC. 1 2.25% $5,303
    CROSSCOUNTRY MORTGAGE, LLC 1 3.38% $6,530
    EMM LOANS LLC 1 2.75% $5,951
    EVERETT FINANCIAL, INC. 1 3.13% $8,686
    Financial Freedom Mortgage, LLC 1 3.38% $8,706
    First Guaranty Mortgage Corporation 1 3.13% $6,025
    Gateway First Bank 1 3.00% $7,700
    GREENWAY MORTGAGE FUNDING CORP. 1 2.88% $5,024
    GUARANTEED RATE AFFINITY, LLC 1 2.63% $6,190
    GUARANTEED RATE, INC. 1 2.38% $7,351
    Hometown Equity Mortgage, LLC 1 2.75% $6,305
    JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 2.25% $6,497

    The top Newark USDA lender as defined by loan originations is HOME POINT FINANCIAL CORPORATION, with 8 USDA loans originated. Their average total fees are $9,289, which is $2,694 higher than the next largest lender, Summit Mortgage Corporation.

    The lowest fee Newark USDA lenders (with over 10 loans originated) are .

    The lowest rate Newark USDA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Newark (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $479,990 (11.9%) $1,120,433 (11.2%) 1.77 57,187
    2018-02-01 $499,950 (11.9%) $1,143,135 (8.6%) 1.80 60,843
    2018-03-01 $520,000 (13.3%) $1,127,161 (6.0%) 1.80 64,252
    2018-04-01 $534,450 (12.5%) $1,117,910 (-0.1%) 1.79 69,662
    2018-05-01 $549,000 (11.1%) $1,125,466 (1.1%) 1.83 76,071
    2018-06-01 $549,000 (10.9%) $1,100,381 (0.9%) 1.83 79,722
    2018-07-01 $549,000 (12.3%) $1,089,758 (2.1%) 1.83 80,369
    2018-08-01 $532,450 (11.0%) $1,037,144 (-2.0%) 1.78 79,480
    2018-09-01 $535,000 (10.3%) $1,040,837 (-2.6%) 1.79 80,337
    2018-10-01 $538,312 (10.2%) $1,047,397 (-1.4%) 1.80 80,917
    2018-11-01 $535,000 (10.3%) $1,059,739 (0.1%) 1.79 78,103
    2018-12-01 $525,000 (9.4%) $1,060,260 (-0.8%) 1.80 70,729
    2019-01-01 $520,000 (8.3%) $1,060,952 (-5.3%) 1.79 65,203
    2019-02-01 $528,500 (5.7%) $1,068,687 (-6.5%) 1.77 67,311
    2019-03-01 $540,714 (4.0%) $1,081,156 (-4.1%) 1.76 71,501
    2019-04-01 $556,500 (4.1%) $1,091,209 (-2.4%) 1.75 76,385
    2019-05-01 $569,500 (3.7%) $1,091,152 (-3.1%) 1.76 82,849
    2019-06-01 $569,000 (3.6%) $1,083,706 (-1.5%) 1.75 85,761
    2019-07-01 $559,500 (1.9%) $1,066,914 (-2.1%) 1.74 84,579
    2019-08-01 $553,989 (4.1%) $1,045,028 (0.8%) 1.74 82,599
    2019-09-01 $550,461 (2.9%) $1,041,042 (0.0%) 1.75 80,488
    2019-10-01 $558,028 (3.7%) $1,070,885 (2.2%) 1.78 80,248
    2019-11-01 $550,000 (2.8%) $1,081,547 (2.1%) 1.77 75,510
    2019-12-01 $553,528 (5.4%) $1,114,237 (5.1%) 1.85 65,625
    2020-01-01 $549,000 (5.6%) $1,113,984 (5.0%) 1.83 59,940
    2020-02-01 $559,900 (5.9%) $1,115,474 (4.4%) 1.81 61,312
    2020-03-01 $569,450 (5.3%) $1,116,442 (3.3%) 1.78 63,346
    2020-04-01 $580,000 (4.2%) $1,187,911 (8.9%) 1.81 61,178
    2020-05-01 $579,000 (1.7%) $1,135,762 (4.1%) 1.75 58,452
    2020-06-01 $589,500 (3.6%) $1,136,559 (4.9%) 1.72 61,210
    2020-07-01 $599,500 (7.2%) $1,149,009 (7.7%) 1.72 64,394
    2020-08-01 $635,000 (14.6%) $1,227,096 (17.4%) 1.81 66,679
    2020-09-01 $644,450 (17.1%) $1,236,828 (18.8%) 1.84 67,133
    2020-10-01 $655,360 (17.4%) $1,300,695 (21.5%) 1.87 68,637
    2020-11-01 $649,000 (18.0%) $1,284,039 (18.7%) 1.86 65,676
    2020-12-01 $649,450 (17.3%) $1,317,463 (18.2%) 1.90 57,196
    2021-01-01 $649,000 (18.2%) $1,356,030 (21.7%) 1.91 49,631
    2021-02-01 $649,108 (15.9%) $1,370,351 (22.9%) 1.87 46,629
    2021-03-01 $648,500 (13.9%) $1,361,646 (22.0%) 1.82 46,573
    2021-04-01 $649,694 (12.0%) $1,374,697 (15.7%) 1.75 48,615
    2021-05-01 $649,000 (12.1%) $1,356,538 (19.4%) 1.71 51,469
    2021-06-01 $640,060 (8.6%) $1,320,359 (16.2%) 1.66 54,695
    2021-07-01 $622,500 (3.8%) $1,276,979 (11.1%) 1.62 55,033
    2021-08-01 $627,000 (-1.3%) $1,376,032 (12.1%) 1.65 57,049
    2021-09-01 $631,868 (-2.0%) $1,410,300 (14.0%) 1.66 56,921
    2021-10-01 $639,000 (-2.5%) $1,439,479 (10.7%) 1.68 57,262
    2021-11-01 $655,000 (0.9%) $1,557,436 (21.3%) 1.73 54,263
    2021-12-01 $664,000 (2.2%) $1,631,077 (23.8%) 1.77 46,763
    2022-01-01 $675,000 (4.0%) $1,713,536 (26.4%) 1.80 40,031
    Newark's median listing price for 2022-01-01 was $675,000, a difference of $26,000 (4.0%) versus the prior year and $11,000 versus the prior month.

    Newark's median listing price comes in at 180% of the national average.

    Newark's average listing price for 2022-01-01 was $1,713,536, a difference of $357,506 (26.4%) versus the prior year and $82,459 versus the prior month.

    For the 2022-01-01 period, Newark had 40,031 MLS listings, a difference of -6,732 listings (-14%) versus the prior month and -9,600 listings (-19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Newark (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 90 days 1,926 sqft
    2018-02-01 82 days 1,910 sqft
    2018-03-01 58 days 1,900 sqft
    2018-04-01 56 days 1,918 sqft
    2018-05-01 52 days 1,923 sqft
    2018-06-01 53 days 1,944 sqft
    2018-07-01 63 days 1,959 sqft
    2018-08-01 67 days 1,950 sqft
    2018-09-01 71 days 1,932 sqft
    2018-10-01 69 days 1,912 sqft
    2018-11-01 70 days 1,888 sqft
    2018-12-01 82 days 1,872 sqft
    2019-01-01 88 days 1,847 sqft
    2019-02-01 82 days 1,850 sqft
    2019-03-01 57 days 1,887 sqft
    2019-04-01 52 days 1,931 sqft
    2019-05-01 52 days 1,935 sqft
    2019-06-01 57 days 1,964 sqft
    2019-07-01 64 days 1,960 sqft
    2019-08-01 72 days 1,952 sqft
    2019-09-01 71 days 1,932 sqft
    2019-10-01 67 days 1,924 sqft
    2019-11-01 66 days 1,872 sqft
    2019-12-01 84 days 1,854 sqft
    2020-01-01 92 days 1,845 sqft
    2020-02-01 77 days 1,860 sqft
    2020-03-01 56 days 1,881 sqft
    2020-04-01 56 days 1,872 sqft
    2020-05-01 74 days 1,860 sqft
    2020-06-01 77 days 1,888 sqft
    2020-07-01 49 days 1,812 sqft
    2020-08-01 45 days 1,734 sqft
    2020-09-01 50 days 1,690 sqft
    2020-10-01 49 days 1,645 sqft
    2020-11-01 63 days 1,635 sqft
    2020-12-01 75 days 1,588 sqft
    2021-01-01 85 days 1,536 sqft
    2021-02-01 84 days 1,515 sqft
    2021-03-01 60 days 1,510 sqft
    2021-04-01 49 days 1,514 sqft
    2021-05-01 44 days 1,532 sqft
    2021-06-01 45 days 1,550 sqft
    2021-07-01 50 days 1,568 sqft
    2021-08-01 49 days 1,547 sqft
    2021-09-01 49 days 1,528 sqft
    2021-10-01 53 days 1,504 sqft
    2021-11-01 57 days 1,494 sqft
    2021-12-01 68 days 1,449 sqft
    2022-01-01 79 days 1,410 sqft
    Newark's median listing age (time on market) for 2022-01-01 was 79 days. This is -7% shorter than the same period one year ago.

    Newark's median square footage for active listings during the 2022-01-01 period was 1,410 sqft. One year prior, the average listing was 1,536 sqft.